South Korea’s Fair Trade Commission (KFTC) has initiated an on-site investigation on the country’s third and fourth largest convenience store franchisers 7-Eleven under Lotte Group and E-Mart24 under Shinsegae Group in search of any unfair practices toward franchisees, a move suspected of trying to win favor with convenience store owners readying collective action against another double-digit hike in the minimum wage.
According to sources from the retail industry on Tuesday, July 17, the antitrust watchdog searched the headquarters of 7-Eleven and E-Mart24 to investigate on possible unfair practices. Officials from the companies said they are not sure why they came under the probe.
The inspection came after the KFTC Chairman Kim Sang-jo told reporters on Monday that he will order an extensive investigation to about 200 franchise headquarters in the latter half of the year to help ease the cost strain shop owners were under following the hike in minimum wage.
Full Content: Pulse News
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
